Form Dr 0204 - Computation Of Penalty Due Based On Underpayment Of Colorado Individual Estimated Tax - 2012 Page 2
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1
2Part 4 — Annualized Installment Method Schedule
20. Ending date of annualization period
March 31, 2012
May 31, 2012
August 31, 2012
Dec 31, 2012
21. Colorado taxable income computed
through the date on line 20 ................. $
$
$
$
4
2.4
1.5
1
22. Annualization factor .............................
23. Annualized taxable income
Line 21 times line 22 ........................... $
$
$
$
24. Annualized Colorado tax
Line 23 times 4.63% ........................... $
$
$
$
17.5%
35%
52.5%
70%
25. Applicable percentage .........................
26. Installment payment due.
Line 24 multiplied by line 25, minus
amounts entered on line 26 in earlier
quarters.Enter here and on line 7 ....... $
$
$
$
Instructions for DR 0204
Part 1 Generally you are subject to an estimated tax
Income 51, Estimated Income Tax, regarding estimated
penalty if your 2012 estimated tax payments are not paid
tax payment allocation on line 8. The amount entered on
in a timely manner. The estimated tax penalty will not be
line 10 is the net overpayment from the preceding period.
assessed if either of the exceptions are met.
On line 17, if the payment was made prior to January 1,
2013, enter “0.” If the tax return is filed and any tax due
Part 2 The required annual amount to be paid is the
is paid by January 31, 2013, no penalty will be computed
lesser of:
in column four. Estimated tax payments from a farmer or
1. 70% of actual 2012 net Colorado tax liability.
fisherman are due in a single payment by January 17,
2. 100% of preceding year’s net Colorado tax liability.
2013 and only column four is used to compute the penalty.
(This amount only applies if the preceding year was
Part 4 Taxpayers who do not receive income evenly during
a 12-month tax year, the individual filed a Colorado
the year may elect to use the annualized income installment
return and the federal adjusted gross income for the
method to compute their estimated tax payments if they
preceding year was $150,000 or less, $75,000 or less
elect annualized installments for the payment of their
if married separate.)
federal income tax. Complete the annualized installment
3. 110% of preceding year’s net Colorado tax liability.
method schedule to compute the amounts to enter on line
(This amount only applies if the preceding year
7. See FYI Income 51 regarding this computation method.
was a 12-month tax year and the individual filed a
Example: Taxpayer's net tax liability for 2012 is $10,000.
Colorado return.)
He had $1,000 withholding and none of the exceptions
Part 3 If neither exception applies to you, compute your
apply. He paid $4,000 on June 12, 2012, and made no
penalty on lines 7 through 19 of Form 204. Complete
additional estimated tax payments.
each column before going on to the next column. See FYI
April 17
June 15
September 17
January 15
Line 7
$1,750
$1,750
$1,750
$1,750
Line 8
$0
$4,000
$0
$0
Line 9
$250
$250
$250
$250
Line 10
—
—
$1,000**
—
Line 11
$250
$4,250
$1,250
$250
Line 12
$1,500
$(2,500)
$500
$1,500
Line 13
6/12/12
6/12/12
12/31/12
—
Line 14
56
—
107
—
Line 15
$13.81
—
$8.79
—
Line 16
6/12/12
6/12/12
4/15/13
4/15/13
Line 17
0
0
108
91
Line 18
0
0
$8.85
$22.38
Line 19
$53.83
** June 12 Payment
$4,000
April withholding
250
June withholding
250
$4,500
April installment
$1,750
June installment
1,750
3,500
Overpayment to September
$1,000
For additional information regarding the estimated tax penalty see FYI Income 51, which is available at
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